Entire Section

  • PIB 3.8B PIB 3.8B Transaction Based Capital Requirement

    • PIB 3.8B.1 PIB 3.8B.1

      This section applies to an Authorised Firm that is a Payment Service Provider.

      Derived from DFSA RMI270/2020 (Made 26th February 2020). [VER36/04-20]

      • Calculation of Transaction Based Capital Requirement Calculation of Transaction Based Capital Requirement

        • PIB 3.8B.2

          (1) An Authorised Firm must calculate its Transaction Based Capital Requirement as the sum of the following elements multiplied by the scaling factor:
          (a) 4% of the first $5 million of payment volume;
          (b) 2.5% of the next $5 million of payment volume;
          (c) 1% of the next $90 million of payment volume;
          (d) 0.5% of the next $150 million of payment volume; and
          (e) 0.25% of any remaining payment volume.
          (2) In (1), payment volume means the total value of Payment Transactions executed by the Authorised Firm in the previous financial year divided by 12.
          (3) If an Authorised Firm has not completed a full financial year’s business, references in (2) to the previous financial year are to be read as the equivalent figure projected in the business plan provided in its application for authorisation, subject to any adjustment to that plan required by the DFSA.
          (4) A Payment Service Provider that also issues Stored Value may exclude from the payment volume in (1), payments directly related to issuing Stored Value.
          (5) The scaling factor in (1) is:
          (a) 0.5 for an Authorised Firm that is authorised to provide only Money Transmission; or
          (b) 1 for an Authorised Firm that is authorised to provide other types of Payment Services.
          Derived from DFSA RMI270/2020 (Made 26th February 2020). [VER36/04-20]